Neurostimulation Devices Market – Analysis And Forecast (2017-2025): Market Shares And Strategies Of Key Players
Increasing prevalence of Parkinson’s disease is expected to fuel growth of neurostimulation devices market
According to National Institutes of Health (NIH), around 50,000 people were suffering from Parkinson disease (PD) in the U.S. North America accounted for largest share in neurostimulation devices market and is expected to retain its dominance through the forecast period, owing to increasing patient awareness regarding treatment of disease and increasing investments on healthcare in this region. Asia Pacific is projected to be the fastest growing market, owing to high prevalence of PD in economies such as India and China.
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According to World Health Organization (WHO), around 6.3 million people worldwide suffered from Parkinson’s disease in 2013. According to the National Institute of Mental Health (NIMH), around 10% to 15% women develop postpartum depression worldwide. Major depression includes bipolar disorder which are accompanied by delusions and hallucinations or paranoia, which is called as psychotic depression. These conditions can be effectively treated using neurostimulation devices. According to the National Alliance on Mental Illness (NAMI), around 20% of people in U.S are suffering with major depressive disorder develop psychotic symptoms hallucinations.
Essential Tremor (ET) leads to action tremor with prevalence rate of up to 10% in the US. Which creates a highly conducive environment for growth of the neurostimulation devices market. Some of the major players operating in neurostimulation devices market include Virtual Medical Centre Inc Neurosigma, Boston Scientific Corporation, St. Jude Medical Inc., NDI Medical, electroCore LLC, Electro Medics, Endostim Inc., and NeuroPace, Inc.
Neurostimulation therapy is used for treatment and diagnosis of nervous disorder. It reduces chronic pain associated with conditions such as Parkinson’s disease, epilepsy, nociceptive pain, neuropathic pain, and depression. It helps to improve quality of life of patients suffering from paralysis, obesity, and severe loss of sensory organs. Neurostimulation devices is a key element used in neural prosthetics for artificial vision, artificial limbs, and hearing aids. They include implantable and non-implantable devices, which deliver chemical, electrical or other agents that reversibly modify nerve cell activity and brain cells. They are surgically inserted into the patient organs and are operated with the help of thin wires and leads.
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Intracranial stimulation, peripheral nerve stimulation (PNS), Spinal cord stimulation (SCS), deep brain stimulation, and motor cortex stimulation are among the most widely used neurostimulation devices. As per the data published by European Brain Council, worldwide around 6.3 million people were suffering from Parkinson’s disease in 2015 and the number is expected to increase steadily in the near future. Spinal cord stimulation is widely used in failed back surgery, pain due to peripheral neuropathy, and pain due to low supply of blood to the limb, chest pain, urinary incontinence, and occipital neuralgia. The deep brain stimulation is generally use to treat Parkinson’s plus syndromes.
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